Facts in March 2020 - BOI AXA Mutual Fund
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Facts
Figures
in
March 2020
Monthly fund analysis and market reviews
MARKET UPDATE Alok Singh
CHIEF INVESTMENT OFFICER
In the history of global financial markets we come across many events which changed the financial landscape completely and forever. Every such change brings along
heightened volatility in financial markets till markets adjust to the new normal. The recent outbreak of Covid19 spread globally forcing mankind to socially distance
themselves and work remotely. Not being used to this caused increased anxiety levels. In financial markets anxiety is termed as volatility, which disturbs every investor in
the short term, however in the long term it hardly makes a difference.
The data below suggests that if any investor had invested an equal
Nifty 50 Index
amount of money in the Nifty Index consistently over the last 20 years
20,000
at the monthly high as well as at the monthly low then the difference
18,000
of the return CAGR between the two approaches is not much.
16,000
Investing at lowest Nifty level every month
The 20 year CAGR for investing every month at the monthly high level 14,000
Investing at highest Nifty level every month
of the Nifty is 10.90%. In the other case of investing at monthly low 12,000
level of the Nifty, the 20 year CAGR works out to be 11.60%. This chart 10,000
also highlights that sharp market falls don’t occur very often and don’t 8,000
last very long. 6,000
However, long-term investing has to be married with good risk 4,000
management practices. Also because induced volatility arising from 2,000
unimagined events like the 9/11 attack and now Covid19, disturbs the -
Jan-00
Ssp-00
May-01
Jan-02
Sep-02
May-03
Jan-04
Sep-04
May-05
Jan-06
Sep-06
May-07
Jan-08
Sep-08
May-09
Jan-10
Sep-10
May-11
Jan-12
Sep-12
May-13
Jan-14
Sep-14
May-15
Jan-16
Sep-16
May-17
Jan-18
Sep-18
May-19
Jan-20
classic risk - return matrix - “higher the risk higher the return”.
Our strategy: We have always followed a portfolio strategy of well-
diversified allocations. The stock selection is bottom up with a growth
bias. Both quantitative and qualitative assessments are done in the stock selection process, which also has an overlay of right risk framework as portfolio returns are
always the function of portfolio risk.
Global equity markets had witnessed a good run before the outbreak of the Covid19 pandemic. This run up had pushed some of the valuations to historic high levels that
seemed unsustainable. Based on our risk framework we had not only rebalanced our portfolios but also increased the cash levels. This helped our portfolios to have
lesser drawdowns relative to the respective portfolio benchmarks. Portfolio rebalancing is a continuous exercise, dependent on the evolving macro and micro-economic
data points. Few of our current major under and over weights across portfolios are mentioned below.
Bias Sectors Reasons
Financials Financials being a high beta sector, in difficult economic conditions it is the first one to get impacted as higher
Under weight delinquencies in the lending portfolio disturb the return ratios.
Consumer discretionary Owing to weak consumer sentiments discretionary spend including auto take a back stage.
Consumer Staples With good harvest rural demand is expected to come back. Lockdown has resulted in channel inventory cleanup,
restocking will result in good growth in near term.
Over weight
Chemicals Globally businesses are looking to diversify the supply chain, it shall help the chemical companies to get even stronger.
Healthcare Covid19 will increase demand for health, hygiene and wellness products.
The way forward: We continue to assess the damage done by the spread of Covid19 virus knowing quite well that some of the businesses in short and medium term
should be able to come back to their normal level. However, many have to undergo a major change or even may not be able to be sustainable anymore. While it is
important to identify damaged businesses and take corrective actions, it is equally important to realize that historically every time economies have witnessed such
situations, governments and central banks have extended support to normalize or smoothen the damages.
In all the past financial crises, the global markets have corrected quite aggressively in a very short span of time (as depicted in chart below). To counter these, central
banks had cut rates quite aggressively and infused excess liquidity. This time too it is no different. In fact the quantum of liquidity support is higher than the last time. The
question which comes to mind is why do central banks do so and how can liquidity support repair the damage. Actually this act of central banks helps in maintaining the
velocity of money and hence avoiding the payments crisis to begin with. It also acts as a cushion to smoothen the effects of the crisis.
The lower policy rate and high liquidity reduces the cost of funding. Once the dust settles and economies and businesses restart afresh, the excess liquidity in the system
acts as fuel to the capital markets. The cheap money changes the yardstick of earnings growth, dividend yield etc. Also the market starts discounting the growth and
stability ahead of its actual appearance.
Though, globally many things will change and we may get a new world order; in terms of stock market performance, we expect the outcome of this crisis to be no different
than past crises. It is difficult to ascertain the bottom and as explained earlier it doesn’t really matter in the long run. What matters is the quality of businesses you own in
terms of their ability for innovation and adaptability.
There is a lot of debate about the increased fiscal burden globally and
Dow Jones Industrial Average Covid 19 Virus
30000 its implications on inflation and the crowding out effect it generates.
The fiscal situation is quite manageable as borrowing rates were quite
25000 low even before the crisis and with recent cuts they have become
21052.53
negligible. As a result the absolute interest burden for most of the
20000 governments will not increase. This gives quite an extended elbow
room to governments to roll out large fiscal stimulus (as already
Subprime Crisis
15000 announced by few economies). Most of the additional borrowing is
9/11 Attack kind of monetized by the respective central banks in some form or the
Asian Financial Crisis
10000 other and hence reducing the crowding out effects also.
If India manages to contain the virus spread and come out of the
Black Money Crash 5000 present lock down quickly, then with the right policy initiative and
support, not only will the damage be minimal but a lot of global
0 businesses can shift to India. In effect India can emerge as a big
'87 '88 '89 '90 '91 '92'93'94 '95'96 '97 '98 '99 '00 '01 '02'03'04 '05'06 '07 '08 '09 '10 '11 '12'13'14 '15'16 '17 '18 '19 '20
beneficiary of this crisis.
Data Source: Bloomberg
2
SIP SHIELD AVAILABLE
Equity Fund Hybrid Fund Debt Fund
This product is suitable for investors
BOI AXA Large & Mid Cap Equity Fund** who are seeking*:
• Long-term capital growth.
Riskometer
tely
Moderate Mo
de
era r
Hig ately
Formerly BOI AXA Equity Fund • Investment in equity and equity- od
M Low h
(An open ended equity scheme investing in both large cap and mid cap stocks) related securities including equity
derivatives of companies across
High
Low
**Fundamental Attributes and Name of the fund have been changed from BOI AXA Equity Fund to market capitalisations. LOW HIGH
BOI AXA Large & Mid Cap Equity Fund w.e.f. April 11, 2018. Investors understand that their principal will be at
moderately high risk
*Investors should consult their financial advisor if they are not clear about
All data as on March 31, 2020 (Unless indicated otherwise) the suitability of the product.
EQUITY INDUSTRY ALLOCATION PORTFOLIO DETAILS
Banks 14.80% Portfolio Holdings Industry/ Rating % to Net Assets
Finance 13.16%
Consumer Non Durables 10.54% EQUITY HOLDINGS
Pharmaceuticals 8.44% Banks 14.80
Others 5.96% 4 HDFC Bank Limited 4.15
Retailing 5.27% 4 Kotak Mahindra Bank Limited 3.42
Gas 5.24% 4 ICICI Bank Limited 3.04
Telecom - Services 4.50% City Union Bank Limited 2.02
Consumer Durables 4.35% AU Small Finance Bank Limited 1.12
Pesticides 4.25%
4.18% Axis Bank Limited 1.04
Healthcare Services
Industrial Capital Goods 3.88% Finance 13.16
Software 3.36% 4 Bajaj Finance Limited 3.84
Chemicals 3.36% Housing Development Finance Corporation Limited 2.74
Petroleum Products 2.78% IIFL Wealth Management Limited 2.01
Industrial Products 2.11% Muthoot Finance Limited 1.44
Cholamandalam Investment and Finance Company Limited 1.14
INVESTMENT OBJECTIVE ICICI Securities Limited 0.76
The Scheme seeks to generate income and long-term capital appreciation by investing HDFC Life Insurance Company Limited 0.69
through a diversified portfolio of predominantly large cap and mid cap equity and equity SBI Life Insurance Company Limited 0.53
related securities including equity derivatives. The Scheme is in the nature of large and mid Consumer Non Durables 10.54
cap fund. The Scheme is not providing any assured or guaranteed returns 4 Hindustan Unilever Limited 4.43
WHO SHOULD INVEST 4 Dabur India Limited 2.89
The fund is suited to investors with some prior experience in equity investing or even for Asian Paints Limited 1.79 L
first time equity investors who are aware of the risk associated with investing in equities, Colgate Palmolive (India) Limited 1.43
particularly with regard to mid and small capitalization companies. Pharmaceuticals 8.44 A
BENCHMARK 4 Divi's Laboratories Limited 2.84
GlaxoSmithKline Pharmaceuticals Limited 1.82 R
S&P BSE 250 LargeMidCap (TRI)
Natco Pharma Limited 1.66
DATE OF ALLOTMENT
Pfizer Limited 1.45
G
October 21, 2008 Dr. Reddy's Laboratories Limited 0.67
FUND MANAGER E
Retailing 5.27
Alok Singh: (w.e.f. February 16, 2017) Around 19 years of experience, including 15 years in Avenue Supermarts Limited 2.58
mutual fund industry. Trent Limited 1.87
AVERAGE AUM Aditya Birla Fashion and Retail Limited 0.83 &
` 157.81 Crs. Gas 5.24
LATEST AUM Indraprastha Gas Limited 2.13
Petronet LNG Limited 1.70
` 140.04 Crs. M
Mahanagar Gas Limited 1.40
MINIMUM APPLICATION AMOUNT (LUMPSUM) Telecom - Services 4.50
Regular/ Direct Plan ` 5,000 and in multiples of ` 1 4 Bharti Airtel Limited 4.50 I
ADDITIONAL PURCHASE AMOUNT Consumer Durables 4.35
Regular/ Direct Plan ` 1,000 and in multiples of ` 1 Relaxo Footwears Limited 2.14
D
PORTFOLIO TURNOVER RATIO (As on March 31, 2020) Bata India Limited 1.14
# #
1.42 Times ( Basis last rolling 12 months) Crompton Greaves Consumer Electricals Limited 1.07
Pesticides 4.25 C
OTHER PARAMETERS (As on March 31, 2020)
4 PI Industries Limited 3.34
Standard Deviation (Annualized): 17.97% (BOI AXA Large & Mid Cap Equity Fund)
16.94% (S&P BSE 250 LargeMidCap (TRI))
UPL Limited 0.91 A
Beta: 1.01 Healthcare Services 4.18
Sharpe Ratio*: (0.01) Dr. Lal Path Labs Limited 2.55 P
Tracking Error (Annualized): 5.65% Apollo Hospitals Enterprise Limited 1.63
Above ratios are calculated using 6 years history of monthly returns Industrial Capital Goods 3.88
*Risk-free rate assumed to be 4.81% (MIBOR as on March 31, 2020) 4 Honeywell Automation India Limited 3.88
Software 3.36 F
NAV (As on March 31, 2020) NAV (`)
L&T Technology Services Limited 1.39
Regular Plan Eco Plan
Infosys Limited 1.00
U
Growth 27.25 Growth 29.06
Bonus 27.25 Bonus 29.06 Tata Consultancy Services Limited 0.98 N
Regular Dividend 8.83 Regular Dividend 9.02 Chemicals 3.36
Quarterly Dividend 10.56 Quarterly Dividend 8.76 Pidilite Industries Limited 2.62 D
Direct Plan Navin Fluorine International Limited 0.75
Growth 29.59 Petroleum Products 2.78
Bonus 15.30 Reliance Industries Limited 2.78
Regular Dividend 9.28 Industrial Products 2.11
Quarterly Dividend 8.87 SRF Limited 2.11
LOAD STRUCTURE (FOR ALL PLANS) Others 5.96
UltraTech Cement Limited 1.85
Entry Load NIL
Exit Load • For redemption/switch out upto 10% of the initial units allotted - Indian Railway Catering And Tourism Corporation Limited 1.54
within 1 year from the date of allotment: “NIL” Maruti Suzuki India Limited 1.07
• Any redemption/switch out - in excess of the above mentioned limit Kajaria Ceramics Limited 0.99
would be subject to an exit load of 1%, if the units are redeemed/ Larsen & Toubro Limited 0.50
switched out within 1 year from the date of allotment of units. Total 96.20
• If the units are redeemed/switched out after 1 year from the date of
allotment of units : “Nil” CASH & CASH EQUIVALENT
Net Receivables/Payables 0.01
TREPS / Reverse Repo Investments / Liquid Fund Investments 3.80
Total 3.80
GRAND TOTAL 100.00
4 Indicates Top 10 Holdings.
For Dividend History refer pg no 16-17 | For Scheme Performance refer pg no 18 to 24 | For month end Total Expense Ratio refer pg no 26 3SIP SHIELD AVAILABLE
Equity Fund Hybrid Fund Debt Fund
This product is suitable for investors
BOI AXA Tax Advantage Fund who are seeking*:
• Long-term capital growth.
Riskometer
tely
Moderate Mo
de
era r
Hig ately
(An open ended equity linked saving scheme with • Investment in equity and equity- od
M Low h
a statutory lock in of 3 years and tax benefit) related securities of companies across
market capitalisations.
High
Low
80C LOW HIGH
Investors understand that their principal will be at
Benefit moderately high risk
*Investors should consult their financial advisor if they are not clear about
All data as on March 31, 2020 (Unless indicated otherwise) the suitability of the product.
EQUITY INDUSTRY ALLOCATION PORTFOLIO DETAILS
Banks 13.51% Portfolio Holdings Industry/ Rating % to Net Assets
Pharmaceuticals 12.40%
Consumer Non Durables 11.85% EQUITY HOLDINGS
Finance 9.87% Banks 13.51
Industrial Products 7.04% 4 HDFC Bank Limited 5.59
Chemicals 4.91% 4 Kotak Mahindra Bank Limited 3.53
Software 4.00% 4 ICICI Bank Limited 3.07
Retailing 3.79% AU Small Finance Bank Limited 0.83
Healthcare Services 3.73% Axis Bank Limited 0.50
Industrial Capital Goods 3.50% Pharmaceuticals 12.40
Pesticides 3.29% 4 Abbott India Limited 4.50
Telecom - Services 2.24% 4 Divi's Laboratories Limited 3.33
Consumer Durables 2.19% IPCA Laboratories Limited 1.15
Others 2.13% JB Chemicals & Pharmaceuticals Limited 0.99
Petroleum Products 2.03% Alkem Laboratories Limited 0.91
Gas 1.26%
Pfizer Limited 0.90
Dr. Reddy's Laboratories Limited 0.63 E
INVESTMENT OBJECTIVE Consumer Non Durables 11.85
The Scheme seeks to generate long-term capital growth from a diversified portfolio of 4 Asian Paints Limited 3.57 Q
predominantly equity and equity-related securities across all market capitalisations. The 4 Hindustan Unilever Limited 3.12
Scheme is in the nature of diversified multi-cap fund. The Scheme is not providing any Dabur India Limited 2.43 U
assured or guaranteed returns. There can be no assurance that the investment objectives of Varun Beverages Limited 1.42
Nestle India Limited 0.87 I
the Scheme will be realized. Tata Consumer Products Limited 0.45
WHO SHOULD INVEST Finance 9.87 T
The fund is suitable for investors with a long-term investment horizon. In terms of fund 4 Bajaj Finance Limited 4.20
Housing Development Finance Corporation Limited 1.97 Y
management, the 3 year lock-in period gives the fund manager the comfort of planning his Muthoot Finance Limited 1.27
investments with a long-term horizon. Mas Financial Services Limited 1.10
BENCHMARK Cholamandalam Investment and Finance Company Limited 0.85
Aavas Financiers Limited 0.48
L
BSE 500 Total Return Index (TRI) Industrial Products 7.04 I
DATE OF ALLOTMENT SRF Limited 2.29
February 25, 2009 Astral Poly Technik Limited 1.97 N
Timken India Limited 1.62
FUND MANAGER Essel Propack Limited 1.16 K
Aakash Manghani: (w.e.f July 15, 2019) Around 10 years of experience in Equity Research Chemicals 4.91
Navin Fluorine International Limited 1.95 E
AVERAGE AUM Atul Limited 1.07
` 247.15 Crs. Fine Organic Industries Limited 0.98 D
Sudarshan Chemical Industries Limited 0.90
LATEST AUM Aarti Surfactants Limited 0.00
` 225.02 Crs. Software 4.00
Tata Consultancy Services Limited 1.95 S
MINIMUM APPLICATION AMOUNT (LUMPSUM) L&T Technology Services Limited 1.36
Regular/ Direct Plan ` 500 and in multiples of ` 1 Info Edge (India) Limited 0.68 A
ADDITIONAL PURCHASE AMOUNT Retailing 3.79
4 Avenue Supermarts Limited 2.93 V
Regular/ Direct Plan ` 500 and in multiples of ` 1 V-Mart Retail Limited 0.86
Healthcare Services 3.73 I
PORTFOLIO TURNOVER RATIO (As on March 31, 2020)
Dr. Lal Path Labs Limited 1.64
1.60 Times# (#Basis last rolling 12 months) Narayana Hrudayalaya Limited 1.19
N
OTHER PARAMETERS (As on March 31, 2020) Metropolis Healthcare Limited 0.91 G
Industrial Capital Goods 3.50
Standard Deviation (Annualized): 17.76% (BOI AXA Tax Advantage Fund) Honeywell Automation India Limited 2.26
17.32% (BSE 500 TRI) GMM Pfaudler Limited 1.23
Beta: 0.95 Pesticides 3.29 S
Sharpe Ratio*: 0.23 4 PI Industries Limited 3.29
Tracking Error (Annualized): 6.66% Telecom - Services 2.24 C
Above ratios are calculated using 6 years history of monthly returns Bharti Airtel Limited 2.24
*Risk-free rate assumed to be 4.81% (MIBOR as on March 31, 2020) Consumer Durables 2.19 H
Relaxo Footwears Limited 1.25
NAV (As on March 31, 2020) NAV (`) Symphony Limited 0.93 E
Regular Plan Eco Plan Petroleum Products 2.03
Reliance Industries Limited 2.03 M
Growth 45.00 Growth 47.83 Gas 1.26
Dividend 11.16 Dividend 10.11 Indraprastha Gas Limited 1.26 E
Direct Plan Others 2.13
Tube Investments of India Limited 0.65
Growth 49.45 Shree Cement Limited 0.51
Dividend 22.62 Security and Intelligence Services (India) Limited 0.51
LOAD STRUCTURE (FOR ALL PLANS) Ratnamani Metals & Tubes Limited 0.47
Total 87.73
Entry Load NIL
CASH & CASH EQUIVALENT
Exit Load NIL Net Receivables/Payables 0.12
TREPS / Reverse Repo Investments / Liquid Fund Investments 12.15
Total 12.27
GRAND TOTAL 100.00
4 Indicates Top 10 Holdings.
For Dividend History refer pg no 16-17 | For Scheme Performance refer pg no 18 to 24 | For month end Total Expense Ratio refer pg no 26 4SIP SHIELD AVAILABLE
Equity Fund Hybrid Fund Debt Fund
This product is suitable for investors
BOI AXA Manufacturing & who are seeking*:
• Long-term capital growth.
Riskometer
Moderate
Infrastructure Fund
Mo
tely de
era r
Hig ately
od
• Investment in equity and equity- M Low h
related securities of companies
(An open ended equity scheme investing in manufacturing and infrastructure sectors) engaged in manufacturing &
High
Low
infrastructure related sectors. LOW HIGH
Investors understand that their principal will be at
high risk
*Investors should consult their financial advisor if they are not clear about
All data as on March 31, 2020 (Unless indicated otherwise) the suitability of the product.
EQUITY INDUSTRY ALLOCATION PORTFOLIO DETAILS
Industrial Capital Goods 10.76% Portfolio Holdings Industry/ Rating % to Net Assets
Industrial Products 10.42%
Construction 9.14% EQUITY HOLDINGS
Pharmaceuticals 8.85% Industrial Capital Goods 10.76
Construction Project 7.63% 4 Honeywell Automation India Limited 7.10
Consumer Durables 7.33% GMM Pfaudler Limited 2.32
Power 6.76% ABB India Limited 1.19
Gas 5.92%
4.95% ABB Power Products and Systems India Limited 0.15
Telecom - Services
Others 4.25% Industrial Products 10.42
Ferrous Metals 4.20% 4 Timken India Limited 3.49
Petroleum Products 3.86% 4 Astral Poly Technik Limited 2.91
Pesticides 3.18% AIA Engineering Limited 1.84
Consumer Non Durables 2.96% Grindwell Norton Limited 1.05
Chemicals 2.42%
Auto Ancillaries 2.04% Max Ventures and Industries Limited 0.86
Orient Refractories Limited 0.28
Construction 9.14
INVESTMENT OBJECTIVE
4 Kajaria Ceramics Limited 3.21
The Scheme seeks to generate long term capital appreciation through a portfolio of
KNR Constructions Limited 1.88
predominantly equity and equity related securities of companies engaged in manufacturing
and infrastructure related sectors. Further, there can be no assurance that the investment Brigade Enterprises Limited 1.55
objectives of the scheme will be realized. The Scheme is not providing any assured or Ahluwalia Contracts (India) Limited 1.31
guaranteed returns. Cera Sanitaryware Limited 1.18
WHO SHOULD INVEST Pharmaceuticals 8.85
The Scheme would be more suitable for investors who are desirous of increasing their 4 Alkem Laboratories Limited 5.30
exposure to manufacturing & infrastructure sector in their personal equity portfolio. Thus, 4 Divi's Laboratories Limited 3.55
this Scheme could act as a "top up" over existing investments of such investors in diversified Construction Project 7.63
equity funds. However, for a first time investor, it might still be advisable to initially start his 4 Larsen & Toubro Limited 3.20
investment with a diversified equity fund. H.G. Infra Engineering Limited 2.29
BENCHMARK IRCON International Limited 2.14
S&P BSE India Manufacturing Total Return Index (TRI) - 50% & S&P BSE India Infrastructure Consumer Durables 7.33
Total Return Index (TRI) - 50% Orient Electric Limited 2.72 S
DATE OF ALLOTMENT Johnson Controls - Hitachi Air Conditioning India Limited 1.84 E
March 05, 2010 Amber Enterprises India Limited 0.98
FUND MANAGER Dixon Technologies (India) Limited 0.95 C
Alok Singh: (w.e.f. February 16, 2017) Around 19 years of experience, including 15 years in Symphony Limited 0.85 T
mutual fund industry. Power 6.76
AVERAGE AUM Power Grid Corporation of India Limited 2.36 O
` 33.96 Crs. NTPC Limited 2.28 R
LATEST AUM Torrent Power Limited 2.12
Gas 5.92 A
` 30.29 Crs.
4 Gujarat Gas Limited 4.04 L
MINIMUM APPLICATION AMOUNT (LUMPSUM)
Petronet LNG Limited 1.88
Regular/ Direct Plan ` 5,000 and in multiples of ` 1
Telecom - Services 4.95
ADDITIONAL PURCHASE AMOUNT 4 Bharti Airtel Limited 4.95
Regular/ Direct Plan ` 1,000 and in multiples of ` 1
F
Ferrous Metals 4.20
PORTFOLIO TURNOVER RATIO (As on March 31, 2020) Mishra Dhatu Nigam Limited 2.07 U
1.09 Times# (#Basis last rolling 12 months) APL Apollo Tubes Limited 1.46 N
OTHER PARAMETERS (As on March 31, 2020) Kamdhenu Limited 0.67
Standard Deviation (Annualized): 20.44% (BOI AXA Manufacturing & Infrastructure Fund) Petroleum Products 3.86 D
19.43% (S&P BSE India Manufacturing TRI - 50% & S&P 4 Reliance Industries Limited 3.86
BSE India Infrastructure TRI - 50%) Pesticides 3.18
Beta: 0.97 PI Industries Limited 2.32
Sharpe Ratio*: (0.26)
Tracking Error (Annualized): 8.13% UPL Limited 0.86
Consumer Non Durables 2.96
Above ratios are calculated using 5 years history of monthly returns of the fund and the
above Indices as the inception of S&P BSE Infrastructure Index is May 28, 2014. CCL Products (India) Limited 1.93
Kansai Nerolac Paints Limited 1.02
*Risk-free rate assumed to be 4.81% (MIBOR as on March 31, 2020)
Chemicals 2.42
NAV (As on March 31, 2020) NAV (`)
Aarti Industries Limited 1.77
Regular Plan Direct Plan Sumitomo Chemical India Limited 0.63
Growth 12.11 Growth 13.20 Aarti Surfactants Limited 0.02
Regular Dividend 7.90 Regular Dividend 12.46 Auto Ancillaries 2.04
Quarterly Dividend 7.86 Quarterly Dividend 12.99
Tube Investments of India Limited 2.04
LOAD STRUCTURE (FOR ALL PLANS)
Others 4.25
Entry Load NIL UltraTech Cement Limited 1.93
Exit Load • For redemption/switch out upto 10% of the initial units allotted - Maruti Suzuki India Limited 1.06
within 1 year from the date of allotment: “NIL”
RITES Limited 0.81
• Any redemption/switch out - in excess of the above mentioned limit
would be subject to an exit load of 1%, if the units are redeemed/ Gravita India Limited 0.44
switched out within 1 year from the date of allotment of units. Total 94.66
• If the units are redeemed/switched out after 1 year from the date of CASH & CASH EQUIVALENT
allotment of units : “Nil”
Net Receivables/Payables 0.64
TREPS / Reverse Repo Investments / Liquid Fund Investments 4.71
Total 5.34
GRAND TOTAL 100.00
4 Indicates Top 10 Holdings.
For Dividend History refer pg no 16-17 | For Scheme Performance refer pg no 18 to 24 | For month end Total Expense Ratio refer pg no 26 5SIP SHIELD AVAILABLE
Equity Fund Hybrid Fund Debt Fund
This product is suitable for investors
BOI AXA Small Cap Fund who are seeking*:
• Long term capital appreciation
Riskometer
tely
Moderate Mo
de
era r
Hig ately
(An open ended equity scheme predominantly investing in small cap stocks) • Investment predominantly in equity & od
M Low h
equity related instruments of Small
Cap companies.
High
Low
LOW HIGH
Investors understand that their principal will be at
moderately high risk
*Investors should consult their financial advisor if they are not clear about
All data as on March 31, 2020 (Unless indicated otherwise) the suitability of the product.
EQUITY INDUSTRY ALLOCATION PORTFOLIO DETAILS
Chemicals 19.07% Portfolio Holdings Industry/ Rating % to Net Assets
Healthcare Services 10.05%
Consumer Durables 8.49% EQUITY HOLDINGS
Industrial Products 7.99% Chemicals 19.07
Finance 7.96% 4 Navin Fluorine International Limited 5.23
Consumer Non Durables 6.19% 4 Atul Limited 3.39
Industrial Capital Goods 4.55% 4 Galaxy Surfactants Limited 3.11
Auto Ancillaries 3.81% 4 Sudarshan Chemical Industries Limited 2.87
Others 3.71% Deepak Nitrite Limited 2.01
Banks 2.99%
Construction 2.89% Neogen Chemicals Limited 1.72
Telecom - Services 2.65% Sumitomo Chemical India Limited 0.74
Pharmaceuticals 2.63% Healthcare Services 10.05
Cement 2.20% 4 Metropolis Healthcare Limited 3.24
Retailing 1.82% 4 Dr. Lal Path Labs Limited 2.90
Commercial Services 1.67% Narayana Hrudayalaya Limited 2.75
Thyrocare Technologies Limited 1.17
INVESTMENT OBJECTIVE Consumer Durables 8.49
Relaxo Footwears Limited 2.66
The investment objective of the scheme is to generate long term capital appreciation by
La Opala RG Limited 2.48
investing predominantly in equity and equity-related securities of small cap companies. Orient Electric Limited 2.04
However, there can be no assurance that the investment objectives of the Scheme will be Dixon Technologies (India) Limited 1.30
realized. Industrial Products 7.99
WHO SHOULD INVEST 4 Essel Propack Limited 4.28
Grindwell Norton Limited 1.78
The fund is suitable for investors who have a long term investment horizon, and prior Timken India Limited 1.63
experience in equity investing and who are aware of the risks associated with investing in Orient Refractories Limited 0.30
equities, especially small cap companies. Finance 7.96
Bajaj Finance Limited 2.01
BENCHMARK
Can Fin Homes Limited 2.01
Nifty Smallcap 100 Total Return Index Central Depository Services (India) Limited 1.49 S
Mas Financial Services Limited 1.06 M
DATE OF ALLOTMENT Repco Home Finance Limited 0.77
December 19, 2018 JM Financial Limited 0.60 A
Consumer Non Durables 6.19
FUND MANAGER 4 Akzo Nobel India Limited 3.25
L
Ajay Khandelwal (w.e.f December 19, 2018) - Around 15 years of experience, including 10 years CCL Products (India) Limited 2.10 L
Dabur India Limited 0.84
in mutual fund industry.
Industrial Capital Goods 4.55
AVERAGE AUM 4 GMM Pfaudler Limited 4.55 C
Auto Ancillaries 3.81
` 49.09 Crs. 4 Tube Investments of India Limited 3.04 A
LATEST AUM Minda Industries Limited 0.76 P
Banks 2.99
` 42.83 Crs. HDFC Bank Limited 2.16
MINIMUM APPLICATION AMOUNT (LUMPSUM) AU Small Finance Bank Limited 0.83 F
Construction 2.89
Regular/ Direct Plan ` 5,000 and in multiples of ` 1 Cera Sanitaryware Limited 2.17 U
KNR Constructions Limited 0.72 N
ADDITIONAL PURCHASE AMOUNT
Telecom - Services 2.65
Regular/ Direct Plan ` 1,000 and in multiples of ` 1 Bharti Airtel Limited 2.65 D
Pharmaceuticals 2.63
NAV (As on March 31, 2020) NAV (`) Laurus Labs Limited 1.69
Regular Plan Direct Plan Procter & Gamble Health Limited 0.95
Growth 8.82 Growth 9.03 Cement 2.20
Dividend 8.82 Dividend 9.03 HeidelbergCement India Limited 1.70
The India Cements Limited 0.50
LOAD STRUCTURE (FOR ALL PLANS) Retailing 1.82
Avenue Supermarts Limited 0.78
Entry Load NIL
Indiamart Intermesh Limited 0.54
Exit Load • For redemption/switch out Upto 10% of the initial units allotted - V-Mart Retail Limited 0.50
within 1 year from the date of allotment: “NIL” Commercial Services 1.67
Security and Intelligence Services (India) Limited 0.92
• Any redemption/switch out in excess of the above mentioned limit Nesco Limited 0.75
would be subject to an exit load of 1%, if the units are redeemed/ Others 3.71
switched out within 1 year from the date of allotment of units. Mishra Dhatu Nigam Limited 1.64
• If the units are redeemed/switched out after 1 year from the date of Tata Consultancy Services Limited 1.00
TCI Express Limited 0.78
allotment of units : “Nil”
Westlife Development Limited 0.29
Total 88.67
CASH & CASH EQUIVALENT
Net Receivables/Payables 0.96
TREPS / Reverse Repo Investments / Liquid Fund Investments 10.37
Total 11.33
GRAND TOTAL 100.00
4 Indicates Top 10 Holdings.
For Dividend History refer pg no 16-17 | For Scheme Performance refer pg no 18 to 24 | For month end Total Expense Ratio refer pg no 26 6SIP SHIELD AVAILABLE
Equity Fund Hybrid Fund Debt Fund
This product is suitable for investors
BOI AXA Mid & Small Cap Equity & who are seeking*:
• Long term capital appreciation and
Riskometer
Moderate
Debt Fund**
Mo
tely de
era r
income distribution od
M Low
Hig ately
h
• Equity fund investing in Mid & Small
Formerly BOI AXA Mid Cap Equity & Debt Fund C a p e q u i t y a n d e q u i t y re l ate d
High
Low
(An open ended hybrid scheme investing predominantly in equity and equity related instruments) securities (not part of the top 100
**Fundamental Attributes and Name of the fund have been changed from BOI AXA Mid Cap stocks by market capitalization) as well LOW HIGH
as fixed income securities. Investors understand that their principal will be at
moderately high risk
Equity & Debt Fund to BOI AXA Mid & Small Cap Equity & Debt Fund w.e.f. April 11, 2018.
*Investors should consult their financial advisor if they are not clear about
All data as on March 31, 2020 (Unless indicated otherwise) the suitability of the product.
EQUITY INDUSTRY ALLOCATION PORTFOLIO DETAILS
Pharmaceuticals 12.89% Portfolio Holdings % to Net Portfolio Holdings % to Net
Chemicals 11.69% Industry/ Rating Assets Industry/ Rating Assets
Industrial Products 9.63% EQUITY HOLDINGS Software 2.75
Banks 6.38%
Healthcare Services 6.14% Pharmaceuticals 12.89 L&T Technology Services 2.28
Finance 5.51% 4 Alkem Laboratories Limited 4.89 Limited
Gas 4.38% 4 Abbott India Limited 4.82 KPIT Technologies Limited 0.47
Consumer Durables 4.17%
Construction 3.43% GlaxoSmithKline 1.38 Pesticides 2.71
Software 2.75% Pharmaceuticals Limited 4 PI Industries Limited 2.71
Pesticides 2.71% Sanofi India Limited 1.16 Hotels, Resorts And Other 1.71
Hotels, Resorts And Other Recreational Activities 1.71%
Services 1.53% IPCA Laboratories Limited 0.65 Recreational Activities
Auto Ancillaries 0.83% Chemicals 11.69 Westlife Development Limited 1.13
Ferrous Metals 0.75% 4 Navin Fluorine International 5.68 Lemon Tree Hotels Limited 0.59
Media & Entertainment 0.48%
Minerals/Mining 0.46% Limited Services 1.53
4 Atul Limited 3.26 Indian Railway Catering And 1.53
INVESTMENT OBJECTIVE Aarti Industries Limited 1.62 Tourism Corporation Limited
The scheme's objective is to provide capital appreciation and income distribution to investors Fine Organic Industries 0.57 Auto Ancillaries 0.83
from a portfolio constituting of mid and small cap equity and equity related securities as well Limited Minda Industries Limited 0.83
as fixed income securities. However there can be no assurance that the income can be Sumitomo Chemical India 0.55 Ferrous Metals 0.75
generated, regular or otherwise, or the investment objectives of the Scheme will be realized. A
Limited Kamdhenu Limited 0.43
BENCHMARK
Aarti Surfactants Limited 0.02 APL Apollo Tubes Limited 0.31 G
NIFTY MidSmallcap 400 TRI: 70%; CRISIL Short Term Bond Fund Index: 30%
Industrial Products 9.63 Media & Entertainment 0.48 G
DATE OF ALLOTMENT
4 Timken India Limited 2.81 PVR Limited 0.48
July 20, 2016 R
4 Astral Poly Technik Limited 2.75 Minerals/Mining 0.46
FUND MANAGER E
4 Essel Propack Limited 2.65 Gravita India Limited 0.46
Alok Singh: (w.e.f. February 16, 2017) Around 19 years of experience, including 15 years in
mutual fund industry.
AIA Engineering Limited 1.19 Total 75.45 S
Ajay Khandelwal (Assistant Fund Manager): (w.e.f. December 1, 2017) - Around 15 years of Orient Refractories Limited 0.24 S
GOVERNMENT BOND AND TREASURY
experience, including 10 years in mutual fund industry. Banks 6.38
BILL I
AVERAGE AUM 4 City Union Bank Limited 3.56
AU Small Finance Bank 2.22
6.45% GOI (MD 07/10/2029) (SOV) 5.13 V
` 299.34 Crs.
Total 5.13
LATEST AUM Limited E
` 269.44 Crs. CSB Bank Limited 0.59 CORPORATE DEBT
MINIMUM APPLICATION AMOUNT (LUMPSUM) Healthcare Services 6.14 BONDS & NCDs H
Regular/ Direct Plan ` 5,000 and in multiples of ` 1 Apollo Hospitals Enterprise 2.11 LIC Housing Finance Limited 5.64
Limited
Y
ADDITIONAL PURCHASE AMOUNT (CARE AAA)
Regular/ Direct Plan ` 1,000 and in multiples of ` 1 Metropolis Healthcare Limited 2.10 Aadhar Housing Finance Limited 2.23 B
PORTFOLIO TURNOVER RATIO (As on March 31, 2020) Narayana Hrudayalaya Limited 1.93 (CARE AA) R
1.57 Times# (#Basis last rolling 12 months) Finance 5.51 REC Limited (CRISIL AAA) 1.91 I
OTHER PARAMETERS (As on March 31, 2020) Nippon Life India Asset 2.03 Sintex-BAPL Limited (BWR D) 0.00
D
Standard Deviation (Annualized): 21.49% (BOI AXA Mid & Small Cap Equity & Debt Fund) Management Limited Total 9.78
19.93% (Nifty Midsmall cap 400 TRI - 70% & Cholamandalam Investment 1.79
CRISIL Short Term Bond Fund Index - 30%) MONEY MARKET INSTRUMENTS
and Finance Company Limited F
Beta: 1.02 Certificate of Deposit
Manappuram Finance Limited 1.00 U
Sharpe Ratio*: -0.37 Axis Bank Limited (CRISIL A1+) 7.50
Tracking Error (Annualized): 7.04% Motilal Oswal Financial 0.68
Total 7.50 N
Above ratios are calculated using 2 years history of monthly returns Services Limited
Gas 4.38 CASH & CASH EQUIVALENT D
*Risk-free rate assumed to be 4.81% (MIBOR as on March 31, 2020)
NAV (As on March 31, 2020) NAV (`) Indraprastha Gas Limited 2.46 Net Receivables/(Payables) after 0.39
Regular Plan Direct Plan Mahanagar Gas Limited 1.91 adjusting for futures
Growth 10.18 Growth 10.52 Consumer Durables 4.17 TREPS / Reverse Repo 1.76
Regular Dividend 9.00 Regular Dividend 9.21 4 Relaxo Footwears Limited 3.33 Investments / Liquid Fund
LOAD STRUCTURE (FOR ALL PLANS) Symphony Limited 0.84 Investments
Entry Load NIL Construction 3.43 Total 2.14
Exit Load • For redemption/switch out upto 10% of the initial units allotted - Cera Sanitaryware Limited 1.63
within 1 year from the date of allotment: “NIL” GRAND TOTAL 100.00
Kajaria Ceramics Limited 1.37
• Any redemption/switch out - in excess of the above mentioned limit KNR Constructions Limited 0.44 4 Indicates Top 10 Holdings.
would be subject to an exit load of 1%, if the units are redeemed/
switched out within 1 year from the date of allotment of units.
• If the units are redeemed/switched out after 1 year from the date of Instances of deviation in valuation
allotment of units : “Nil” Disclosures regarding the detailed rationale along with other details as required under Clause
2.1.4 of SEBI Circular no. SEBI/HO/IMD/DF4/CIR/P/2019/41 dated March 22, 2019, are
available at below mentioned link :
https://www.boiaxamf.com/docs/default-source/reports/regulatory-disclosures/rationale-
for-deviation-31-03-20.pdf
For Dividend History refer pg no 16-17 | For Scheme Performance refer pg no 18 to 24 | For month end Total Expense Ratio refer pg no 26 7SIP SHIELD AVAILABLE
Equity Fund Hybrid Fund Debt Fund
This product is suitable for investors
BOI AXA Equity Debt Rebalancer Fund** who are seeking*:
• Long term capital appreciation
Riskometer
tely
Moderate Mo
de
era r
Hig ately
(An open ended dynamic asset allocation fund) • Dynamic asset allocation between od
M Low h
equity and fixed income based on
**Fundamental Attributes of the fund have been changed w.e.f. April 11, 2018. equity market valuations
High
Low
LOW HIGH
Investors understand that their principal will be at
moderately high risk
*Investors should consult their financial advisor if they are not clear about
All data as on March 31, 2020 (Unless indicated otherwise) the suitability of the product.
EQUITY INDUSTRY ALLOCATION PORTFOLIO DETAILS
Portfolio Holdings % to Net Portfolio Holdings % to Net
Banks 13.59%
Industry/ Rating Assets Industry/ Rating Assets
Consumer Non Durables 12.98%
EQUITY HOLDINGS FUTURES AND OPTIONS
Finance 10.81%
Banks 13.59 Equity Futures
Software 5.98%
4 HDFC Bank Limited 6.20 Zee Entertainment Enterprises -0.11
Petroleum Products 4.98% 4 Kotak Mahindra Bank Limited 3.10 Limited
Retailing 4.72% ICICI Bank Limited 2.16 Sun Pharmaceutical Industries -0.14
Auto 3.27% Axis Bank Limited 1.97 Limited
Pharmaceuticals 3.09% IndusInd Bank Limited 0.16 IndusInd Bank Limited -0.16
Ferrous Metals 2.80% Consumer Non Durables 12.98 Bajaj Finserv Limited -0.18
Telecom - Services 2.44% 4 ITC Limited 5.59 Bajaj Finance Limited -0.34
Non - Ferrous Metals 2.15% Hindustan Unilever Limited 2.08 GMR Infrastructure Limited -0.45
Construction Project Asian Paints Limited 2.06 Larsen & Toubro Limited -0.56
1.30%
Nestle India Limited 1.95 United Spirits Limited -0.62
Cement 1.25%
Dabur India Limited 0.68 Vedanta Limited -1.05
Consumer Durables 1.22% Hindalco Industries Limited -1.10
United Spirits Limited 0.62 D
Media & Entertainment 0.11% Finance 10.81 Bharti Airtel Limited -1.18
4 Housing Development Finance 6.83 Grasim Industries Limited -1.25 Y
INVESTMENT OBJECTIVE Corporation Limited Mahindra & Mahindra Limited -1.29 N
The Scheme aims at generating long term returns with lower volatility by following a 4 Bajaj Finance Limited 3.80 Tech Mahindra Limited -1.53
A
disciplined allocation between equity and debt securities. The equity allocation will be Bajaj Finserv Limited 0.18 Reliance Industries Limited -1.61
determined based on the month end P/E ratio of the Nifty 50 Index. There is no assurance Software 5.98 HCL Technologies Limited -1.64 M
that the investment objectives of the Scheme will be realized and the Scheme does not 4 Tata Consultancy Services 2.82 Housing Development Finance -1.85 I
assure or guarantee any returns. Limited Corporation Limited
Maruti Suzuki India Limited -1.98
C
BENCHMARK HCL Technologies Limited 1.63
Nifty 50 Total Return Index (TRI) - 50% & CRISIL Short Term Bond Fund Index - 50% Tech Mahindra Limited 1.53 JSW Steel Limited -2.81
Petroleum Products 4.98 ITC Limited -5.59 A
DATE OF ALLOTMENT
4 Reliance Industries Limited 4.98 Equity Futures Total -25.46
March 14, 2014 S
Retailing 4.72 CORPORATE DEBT
FUND MANAGER 4 Avenue Supermarts Limited 4.72 BONDS & NCDs S
Ajay Khandelwal (Equity) (w.e.f. July 15, 2019) Around 15 years of experience, including 10 Auto 3.27 LIC Housing Finance Limited 2.08 E
years in mutual fund industry. Maruti Suzuki India Limited 1.98 (CARE AAA) T
Amit Modani (Debt) (w.e.f January 23, 2020) - Around 8 years of in managing Fixed Income Mahindra & Mahindra Limited 1.29 Sintex-BAPL Limited (BWR D) 0.00
Portfolio. Pharmaceuticals 3.09 Total 2.08
AVERAGE AUM Divi's Laboratories Limited 2.12 A
MONEY MARKET INSTRUMENTS
Dr. Reddy's Laboratories 0.83
` 102.89 Crs.
Limited
Certificate of Deposit L
Axis Bank Limited (CRISIL A1+) 2.97
LATEST AUM Sun Pharmaceutical 0.14 L
Total 2.97
` 97.29 Crs. Industries Limited O
Ferrous Metals 2.80 INVIT
MINIMUM APPLICATION AMOUNT (LUMPSUM) C
4 JSW Steel Limited 2.80 India Grid Trust InvIT Fund 3.94
Regular/ Direct Plan ` 5,000 and in multiples of ` 1 IRB InvIT Fund 2.74
Telecom - Services 2.44 A
ADDITIONAL PURCHASE AMOUNT 4 Bharti Airtel Limited 2.44 Total 6.68
T
Regular/ Direct Plan ` 1,000 and in multiples of ` 1 Non - Ferrous Metals 2.15 FIXED DEPOSITS (MARGIN)
Hindalco Industries Limited 1.10 ICICI Bank Limited 4.63
I
AVERAGE MATURITY & MODIFIED DURATION (As on March 31, 2020)
Average Maturity: 0.41 Years Vedanta Limited 1.05 HDFC Bank Limited 1.03 O
Modified Duration: 0.38 Construction Project 1.30 Total 5.65 N
Larsen & Toubro Limited 0.84
NAV (As on March 31, 2020) NAV (`) CASH & CASH EQUIVALENT
GMR Infrastructure Limited 0.45
Regular Plan Direct Plan Net Receivables/(Payables) after 34.58
Cement 1.25
adjusting for futures F
Growth 13.0553 Growth 13.4847 Grasim Industries Limited 1.25
Dividend 9.4337 Dividend 8.9858 TREPS / Reverse Repo 2.81 U
Consumer Durables 1.22
Investments / Liquid Fund
LOAD STRUCTURE (FOR ALL PLANS) Titan Company Limited 1.22 Investments
N
Entry Load NIL Media & Entertainment 0.11 Total 37.39 D
Exit Load • For redemption/switch out upto 10% of the initial units allotted - Zee Entertainment 0.11
Enterprises Limited GRAND TOTAL 100.00
within 1 year from the date of allotment: “NIL”
Total 70.69 4 Indicates Top 10 Holdings.
• Any redemption/switch out - in excess of the above mentioned limit
would be subject to an exit load of 1%, if the units are redeemed/
switched out within 1 year from the date of allotment of units. Instances of deviation in valuation
• If the units are redeemed/switched out after 1 year from the date of Disclosures regarding the detailed rationale along with other details as required under Clause
allotment of units : “Nil” 2.1.4 of SEBI Circular no. SEBI/HO/IMD/DF4/CIR/P/2019/41 dated March 22, 2019, are
available at below mentioned link :
https://www.boiaxamf.com/docs/default-source/reports/regulatory-disclosures/rationale-
for-deviation-31-03-20.pdf
For Dividend History refer pg no 16-17 | For Scheme Performance refer pg no 18 to 24 | For month end Total Expense Ratio refer pg no 26 8Equity Fund Hybrid Fund Debt Fund
This product is suitable for investors
BOI AXA Conservative Hybrid Fund** who are seeking*:
• Long term capital appreciation and
Riskometer
tely
Moderate Mo
de
era r
Formerly BOI AXA Regular Return Fund regular income. od
M Low
Hig ately
h
• Investment in equity and equity
(An open ended hybrid scheme investing predominantly in debt instruments) related securities (10% - 25%) as well
High
Low
**Fundamental Attributes and Name of the fund have been changed from BOI AXA Regular as fixed income securities (Debt /
Money Market Instruments/ Govt. LOW HIGH
Return Fund to BOI AXA Conservative Hybrid Fund w.e.f. April 11, 2018. Securities). Investors understand that their principal will be at
moderate risk
*Investors should consult their financial advisor if they are not clear about
All data as on March 31, 2020 (Unless indicated otherwise) the suitability of the product.
EQUITY INDUSTRY ALLOCATION COMPOSITION BY ASSETS
Consumer Non Durables 5.35% 6.10%
Pharmaceuticals 4.26% 9.52% 32.97%
Finance 2.99%
Banks 2.82%
Software 2.35% 13.76%
Industrial Products 1.73%
Retailing 1.04%
Telecom - Services 0.76%
Chemicals 0.66% 14.42%
23.23%
Industrial Capital Goods 0.54%
Petroleum Products 0.47% Bonds & NCDs Equity & equity related securities Certificate of Deposit
Construction Project 0.26% Government Bond Cash & Cash Equivalent Commercial Paper
INVESTMENT OBJECTIVE PORTFOLIO DETAILS
The Scheme seeks to generate regular income through investments in fixed income securities Portfolio Holdings % to Net Portfolio Holdings % to Net
and also to generate long term capital appreciation by investing a portion in equity and Industry/ Rating Assets Industry/ Rating Assets
equity related instruments. However, there can be no assurance that the income can be EQUITY HOLDINGS GOVERNMENT BOND AND TREASURY
generated, regular or otherwise, or the investment objectives of the Scheme will be realized. Consumer Non Durables 5.35 BILL
BENCHMARK 4 Hindustan Unilever Limited 2.47 6.45% GOI (MD 07/10/2029) (SOV) 13.76
CRISIL Hybrid 85 + 15 - Conservative Index 4 Dabur India Limited 1.45 Total 13.76 C
4 Jubilant Foodworks Limited 1.42
DATE OF ALLOTMENT
Pharmaceuticals 4.26
CORPORATE DEBT O
March 18, 2009 BONDS & NCDs
4 Torrent Pharmaceuticals 1.46
REC Limited (CRISIL AAA) 11.05
N
FUND MANAGER Limited
LIC Housing Finance Limited 8.71 S
Alok Singh: (w.e.f. May 21, 2012) Around 19 years of experience, including 15 years in mutual 4 Pfizer Limited 0.96
(CARE AAA) E
fund industry. Alkem Laboratories Limited 0.75
IDFC First Bank Limited (ICRA AA) 7.53
Procter & Gamble Health 0.59 R
AVERAGE AUM National Bank For Agriculture and 5.68
Limited
` 95.46 Crs. Rural Development (CRISIL AAA) V
Dr. Reddy's Laboratories 0.50
Sintex-BAPL Limited (BWR D) 0.00
LATEST AUM Limited A
` 92.99 Crs. Finance 2.99 Total 32.97
4 Housing Development Finance 1.32
T
MINIMUM APPLICATION AMOUNT (LUMPSUM) MONEY MARKET INSTRUMENTS
Corporation Limited Certificate of Deposit I
Regular/ Direct Plan ` 10,000 and in multiples of ` 1 4 Bajaj Finance Limited 0.91 Bank of Baroda (IND A1+) 8.21 V
ADDITIONAL PURCHASE AMOUNT HDFC Life Insurance Company 0.43 Axis Bank Limited (CRISIL A1+) 6.21
Regular/ Direct Plan ` 1,000 and in multiples of ` 1 Limited E
Total 14.42
SBI Life Insurance Company 0.34
AVERAGE MATURITY & MODIFIED DURATION (As on March 31, 2020) Commercial Paper
Limited
Average Maturity: 2.62 Years Banks 2.82 Housing Development 6.10 H
Modified Duration: 2.04 4 HDFC Bank Limited 2.05 Finance Corporation Limited Y
NAV (As on March 31, 2020) NAV (`) ICICI Bank Limited 0.78 (CRISIL A1+)
Software 2.35 Total 6.10 B
Regular Plan Eco Plan
4 Infosys Limited 0.99 CASH & CASH EQUIVALENT R
Growth 18.5812 Growth 18.9759
4 Tata Consultancy Services 0.96
Monthly Dividend 10.0198 Monthly Dividend 15.2191 Net Receivables/(Payables) after 3.55 I
Limited adjusting for futures
Quarterly Dividend 9.9149 Quarterly Dividend 9.0350 D
L&T Technology Services 0.41 TREPS / Reverse Repo 5.97
Annual Dividend 9.2548 Annual Dividend -
Limited Investments / Liquid Fund
Direct Plan Industrial Products 1.73 Investments
Growth 19.2276 Astral Poly Technik Limited 0.88 F
Total 9.52
Monthly Dividend 9.0496 Timken India Limited 0.85 U
Quarterly Dividend 9.4858 Retailing 1.04 GRAND TOTAL 100.00
Annual Dividend 9.1616 4 Avenue Supermarts Limited 1.04
N
4 Indicates Top 10 Holdings.
LOAD STRUCTURE (FOR ALL PLANS) Telecom - Services 0.76 D
Entry Load NIL Bharti Airtel Limited 0.76
Chemicals 0.66
Exit Load • For redemption/switch out -of up to 10% of the initial units allotted -
Navin Fluorine International 0.66
within 1 year from the date of allotment: “NIL”.
Limited
• Any redemption/switch out-in excess of the above mentioned limit Industrial Capital Goods 0.54
would be subject to an exit load of 1%, if the units are switched out GMM Pfaudler Limited 0.54
within 1 year from the date of allotment of units. Petroleum Products 0.47
• If the units are redeemed/switched out after 1 year from the date of Reliance Industries Limited 0.47
allotment of units : “NIL”. Construction Project 0.26
Larsen & Toubro Limited 0.26
Total 23.23
Instances of deviation in valuation
Disclosures regarding the detailed rationale along with other details as required under Clause
2.1.4 of SEBI Circular no. SEBI/HO/IMD/DF4/CIR/P/2019/41 dated March 22, 2019, are
available at below mentioned link :
https://www.boiaxamf.com/docs/default-source/reports/regulatory-disclosures/rationale-
for-deviation-31-03-20.pdf
For Dividend History refer pg no 16-17 | For Scheme Performance refer pg no 18 to 24 | For month end Total Expense Ratio refer pg no 26 9Equity Fund Hybrid Fund Debt Fund
This product is suitable for investors
BOI AXA Arbitrage Fund who are seeking*:
• Income over short to medium term
Riskometer
tely
Moderate Mo
de
era r
Hig ately
(An open ended scheme investing in arbitrage opportunities) • Income through arbitrage od
M Low h
opportunities between cash and
derivative segments of the equity
High
Low
market and arbitrage opportunities LOW HIGH
within the derivative segment Investors understand that their principal will be at
moderately low risk
*Investors should consult their financial advisor if they are not clear about
All data as on March 31, 2020 (Unless indicated otherwise) the suitability of the product.
INVESTMENT OBJECTIVE PORTFOLIO DETAILS
The Scheme seeks to generate income through arbitrage opportunities between cash and Portfolio Holdings % to Net Portfolio Holdings % to Net
derivative segments of the equity market and arbitrage opportunities within the derivative Industry/ Rating Assets Industry/ Rating Assets
segment and by deployment of surplus cash in debt securities and money market EQUITY HOLDINGS FUTURES AND OPTIONS
instruments. However, there is no assurance or guarantee that the investment objective of Consumer Non Durables 16.57 Equity Futures
the scheme will be realized 4 Hindustan Unilever Limited 4.39 CESC Limited -0.21
4 Asian Paints Limited 3.82 NCC Limited -0.32
BENCHMARK 4 ITC Limited 2.89 Mahindra & Mahindra -0.38
Godrej Consumer Products 1.72 Financial Services Limited
NIFTY 50 Arbitrage Index Limited Bajaj Finserv Limited -0.55
DATE OF ALLOTMENT Britannia Industries Limited 1.71 Voltas Limited -0.61
Marico Limited 1.02 UltraTech Cement Limited -0.83
June 18, 2018 Tata Consumer Products 1.01 JSW Steel Limited -0.86
Limited Pidilite Industries Limited -0.86
FUND MANAGER Finance 7.22 Siemens Limited -0.98
4 Power Finance Corporation 1.81 Sun Pharmaceutical Industries -0.98
Ajay Khandelwal: (w.e.f. June 18, 2018) Around 15 years of experience, including 10 years in Limited Limited
mutual fund industry. ICICI Prudential Life Insurance 1.70 Tata Consumer Products Limited -1.01
Company Limited Marico Limited -1.02
AVERAGE AUM Housing Development Finance 1.43 Jindal Steel & Power Limited -1.06
` 38.95 Crs. Corporation Limited Larsen & Toubro Limited -1.15
REC Limited 1.36 Vedanta Limited -1.16
LATEST AUM Bajaj Finserv Limited 0.55 The Federal Bank Limited -1.19
Mahindra & Mahindra 0.37 Tata Chemicals Limited -1.22
` 31.41 Crs. Financial Services Limited
Divi's Laboratories Limited -1.27
Banks 5.73
MINIMUM APPLICATION AMOUNT (LUMPSUM) Mahindra & Mahindra Limited -1.27
4 Axis Bank Limited 2.75
4 IndusInd Bank Limited 1.79 REC Limited -1.36
Regular/ Direct Plan ` 5,000 and in multiples of ` 1 Glenmark Pharmaceuticals -1.38
The Federal Bank Limited 1.19
Telecom - Services 5.46 Limited
ADDITIONAL PURCHASE AMOUNT Housing Development Finance -1.43 A
4 Bharti Airtel Limited 5.46
Regular/ Direct Plan ` 1,000 and in multiples of ` 1 Petroleum Products 3.90 Corporation Limited
4 Reliance Industries Limited 3.90 DLF Limited -1.44 R
AVERAGE MATURITY & MODIFIED DURATION (As on March 31, 2020) Cement 3.78 SRF Limited -1.56
4 Grasim Industries Limited 2.96 ICICI Prudential Life Insurance -1.70 B
Average Maturity: 0.47 Years UltraTech Cement Limited 0.83 Company Limited
Modified Duration: 0.44 Pharmaceuticals 3.62 Britannia Industries Limited -1.71 I
Portfolio Yield: 5.91% Glenmark Pharmaceuticals 1.38 Godrej Consumer Products -1.74
Limited Limited T
NAV (As on March 31, 2020) NAV (`) Divi's Laboratories Limited 1.27 IndusInd Bank Limited -1.80
Sun Pharmaceutical Industries 0.98 Power Finance Corporation -1.82 R
Regular Plan Direct Plan Limited
Limited
Growth 10.9667 Growth 11.0964 Chemicals 2.08 Adani Ports and Special -2.00 A
Monthly Dividend 10.0351 Monthly Dividend 10.1220 Tata Chemicals Limited 1.22 Economic Zone Limited
Quarterly Dividend 10.4870 Quarterly Dividend 10.5483 Pidilite Industries Limited 0.86 Axis Bank Limited -2.76 G
Annual Dividend 10.0969 Annual Dividend 10.0364 Transportation 2.00 ITC Limited -2.89
4 Adani Ports and Special 2.00 Grasim Industries Limited -2.97 E
LOAD STRUCTURE (FOR ALL PLANS) Economic Zone Limited Asian Paints Limited -3.83
Ferrous Metals 1.90 Reliance Industries Limited -3.92
Entry Load NIL Jindal Steel & Power Limited 1.05 Hindustan Unilever Limited -4.39
Exit Load • For Redemption/switch out - of up to 10% of the initial units allotted - JSW Steel Limited 0.86 Bharti Airtel Limited -5.48 F
within 30 days from the date of allotment - "NIL" Industrial Products 1.55 Equity Futures Total -61.11
SRF Limited 1.55 U
• Any Redemption/Switch out - in excess of the above mentioned limit Construction Project 1.48 FIXED DEPOSITS (MARGIN)
would be subject to an exit load of 0.50%, if the units are switched out Larsen & Toubro Limited 1.16 Axis Bank Limited 15.63 N
within 30 days from the date of allotment of units NCC Limited 0.32 HDFC Bank Limited 10.03
Construction 1.44 Total 25.66 D
• If the units are redeemed/switched out after 30 days from the date of DLF Limited 1.44 CASH & CASH EQUIVALENT
allotment of units - "NIL" Auto 1.27 Net Receivables/(Payables) after 72.70
Mahindra & Mahindra Limited 1.27 adjusting for futures
Non - Ferrous Metals 1.15 TREPS / Reverse Repo 1.78
Vedanta Limited 1.15 Investments / Liquid Fund
Industrial Capital Goods 0.97 Investments
Siemens Limited 0.97 Total 74.49
Consumer Durables 0.61
Voltas Limited 0.61 GRAND TOTAL 100.00
Power 0.21
CESC Limited 0.21 4 Indicates Top 10 Holdings.
Total 60.96
For Dividend History refer pg no 16-17 | For Scheme Performance refer pg no 18 to 24 | For month end Total Expense Ratio refer pg no 26 10Equity Fund Hybrid Fund Debt Fund
This product is suitable for investors
BOI AXA Credit Risk Fund ** who are seeking*:
• Long term capital appreciation
Riskometer
tely
Moderate Mo
de
era r
Hig ately
Formerly BOI AXA Corporate Credit Spectrum Fund • Investment primarily in corporate debt od
M Low h
(An open ended debt scheme predominantly investing in AA and below rated corporate securities with medium to long term
maturities across the credit spectrum
High
Low
bonds (excluding AA+ rated corporate bonds)) within the universe of investment LOW HIGH
**Fundamental Attributes and Name of the fund have been changed from BOI AXA Corporate grade rating Investors understand that their principal will be at
moderate risk
Credit Spectrum Fund to BOI AXA Credit Risk Fund w.e.f. April 11, 2018.
*Investors should consult their financial advisor if they are not clear about
All data as on March 31, 2020 (Unless indicated otherwise) the suitability of the product.
CREDIT PROFILE PORTFOLIO DETAILS
Portfolio Holdings Industry/ % to Net
5.94%
Rating Assets
14.64% Amanta Healthcare Limited UNRATED 31.01
RKV Enterprise Private Limited UNRATED 19.23
52.06%
Accelarating Education and Development BWR D 4.45
Private Limited
Dinram Holdings Private Limited UNRATED 1.82
27.35% Dewan Housing Finance Corporation Limited BWR D 1.49
Kwality Limited BWR D 0.00
Unrated A1+ Cash & Cash Equivalent D Sintex-BAPL Limited BWR D 0.00
C
Total 58.01
INVESTMENT OBJECTIVE R
MONEY MARKET INSTRUMENTS
The Scheme’s investment objective is to generate capital appreciation over the long term by
Certificate of Deposit
E
investing predominantly in corporate debt across the credit spectrum within the universe of D
Bank of Baroda IND A1+ 9.69
investment grade rating. To achieve this objective, the Scheme will seek to make investments
Axis Bank Limited CRISIL A1+ 9.20 I
in rated, unrated instruments and structured obligations of public and private companies.
Total 18.89
However, there is no assurance or guarantee that the investment objective of the scheme will T
be achieved. Commercial Paper
BENCHMARK Housing Development Finance Corporation CRISIL A1+ 8.46
R
Limited
CRISIL Short Term Bond Fund Index Total 8.46 I
DATE OF ALLOTMENT Cash & Cash Equivalent
S
February 27, 2015 Net Receivables/Payables (3.01) K
TREPS / Reverse Repo Investments / Liquid Fund Investments 17.65
FUND MANAGER
Total 14.64
F
Alok Singh: (w.e.f. February 27, 2015) Around 19 years of experience, including 15 years in
GRAND TOTAL 100.00 U
mutual fund industry
AVERAGE AUM
Instances of deviation in valuation N
Disclosures regarding the detailed rationale along with other details as required under Clause D
` 175.63 Crs. 2.1.4 of SEBI Circular no. SEBI/HO/IMD/DF4/CIR/P/2019/41 dated March 22, 2019, are
available at below mentioned link :
LATEST AUM https://www.boiaxamf.com/docs/default-source/reports/regulatory-disclosures/rationale-
` 167.42 Crs. for-deviation-31-03-20.pdf
MINIMUM APPLICATION AMOUNT (LUMPSUM)
Note: All subscriptions /switch-in application(s) and other pre-registered investments in BOI
Regular/ Direct Plan ` 5,000 and in multiples of ` 5,000 AXA Credit Risk Fund (formerly BOI AXA Corporate Credit Spectrum Fund), an open ended
debt scheme predominantly investing in AA and below rated corporate bonds (excluding
ADDITIONAL PURCHASE AMOUNT AA+ rated corporate bonds), through any mode including the stock exchange platform has
been temporarily suspended with effect from July 01, 2019 till further notice.
Regular/ Direct Plan ` 5,000 and in multiples of ` 5,000 Any redemptions including switch-out, registered under the Scheme would continue
(without any change) as per the terms of the SID and KIM of the Scheme.
OTHER PARAMETERS (As on March 31, 2020) For more details kindly refer NOTICE-CUM-ADDENDUM NO. 2/2019-20 on
www.boiaxamf.com
Average Maturity: 1.60 Years
Modified Duration: 1.18
Portfolio Yield: 6.73%
NAV (As on March 31, 2020) NAV (`)
Regular Plan: 7.5808 Direct Plan: 7.6458
LOAD STRUCTURE (FOR ALL PLANS)
Entry Load NIL
Exit Load • 4% if redeemed within 12 months from the date of allotment
• 3% if redeemed after 12 months but within 24 months from the date
of allotment
• 2% if redeemed after 24 months but within 36 months from the date
of allotment
• Nil if redeemed after 36 months from the date of allotment
For Dividend History refer pg no 16-17 | For Scheme Performance refer pg no 18 to 24 | For month end Total Expense Ratio refer pg no 26 11You can also read
